Housing Association Downgraded Over Funding

A Nottingham-based housing association has today had its governance and viability ratings downgraded by the English social housing regulator over its funding arrangements. Tuntum Housing Association, one of England’s largest black and minority ethnic social landlords, had its governance rating downgraded from a G2 to a G3 today – meaning it no longer complies with the Homes and Communities Agency’s standards. Its viability rating was dropped one notch to V2, meaning it still complies but needs to improve. The 1,300-home had been placed on the regulators’ ‘watch list’ of organisations at risk of a downgrade since June. Read more on Inside Housing.

Landlord on HCA Watch List after £2.3m Grant Cut Off

One of England’s largest black and minority ethnic housing associations has been placed on the regulator’s ‘watch list’ after a £2.3 million grant allocation was withdrawn.  Tuntum Housing Association, which owns around 1,300 homes, is now the sole English landlord on the list of organisations at risk of being downgraded to a non-compliant ‘G3’ rating for governance. It currently has a ‘G2’ rating, meaning it complies but needs to improve.  It is understood the regulator became concerned after the withdrawal of grant funding by the investment arm of the HCA.  Tuntum had been allocated £2.3 million through the £100 million Empty Homes fund. However, it asked for a further £500,000 to deliver the scheme. The HCA subsequently withdrew the entire allocation because it was not convinced the scheme would be completed before the March 2015 deadline. Read more on Inside Housing.